Your home may be repossessed if you do not keep up repayments on your mortgage.
Getting a Mortgage is just a large loan secured against the property and stretched over a period of years. How do you get a mortgage loan if you have bad credit does it add additional complications? It can become harder to obtain a mortgage loan if you have bad credit but this does not make it un achievable. At Help The Bank Said No we believe expert advice and looking at you as an individual can be the key to securing your mortgage loan.
As we understand Mortgages for bad credit we do not publish rate tables on our site for the perfect client. We don’t do this because we don’t believe the perfect mortgage client really exists every individual has a different type of requirements and you should be advised as an individual no0t trying to fit yourself onto a table of products which may not be available to you.
Having a poor credit history does not mean you are going to be declined for a mortgage loan for your new property. There is some key areas to review that if you have poor credit to give you a better idea of mortgages and how you can improve your chances of being accepted.
It can seem like a huge task where you are expected to jump through hoops when trying to get a mortgage loan especially when you have poor credit. It does not have to be contact a mortgage broker who is an expert in sourcing credit for people in similar circumstances to you.
SO before contacting an expert mortgage broker what could you do to help the team at help the bank said no.
Obtain your credit file it’s not always as bad as you first though and many of our clients have been pleasantly surprised. There is many different credit agencies and bank and mortgage lenders will use different credit agencies to determine your credit profile. The market leaders are Experian and Equifax. They seem to have a more robust system in place o pick up a clear picture of your credit history. At this stage you may have a report that you don’t completely understand, That is not a problem contact the team at help the bank said no and the team of mortgage brokers will be happy to run through this with you.
1) Get your credit files
This has to be step 1. How do you expect to know the best lender for you if you don’t know how severe your credit issues are? The strange thing is, different credit firms and banks report their information back to different reference agencies, and what’s showing with one may not show with another. So, with potential mortgage lenders using the 3 main credit reference agencies Experian, Equifax, and Call credit, if you had just your Experian credit file which says you’re clean credit, but applied to a lender that uses Equifax, you may find yourself being declined and wondering why.
Try to avoid making multiple applications for credit in the time leading up to you getting a mortgage. A declined credit can have a negative effect on your credit profile and may make it more complex for our team to get you a mortgage with bad credit. Using a mortgage broker who has access to a panel of mortgage lenders will help you in this situation. The mortgage team can review your personal credit file and then using their experience and knowledge can match you to lenders who are open to applicants with your credit profile while searching for the most suitable deal.
What happens if after speaking to us we are still unable to help?
Help The Bank Said No will work with you as an individual to help you get your mortgage loan but if we can’t help at this time we can still help you. The team of bad credit mortgage advisors have helped clients for over. In that time they have shared advice and tips with their client to help them improve their credit profiles. So if we can’t help you know we may be able to point you in the right direction to get your mortgage approved in the future.